Millennials are feeling pretty good, Gen X-ers not so much, boomers less than you’d expect. Matures? You have to scrape them off the ceiling.
The well-respected Urban Land Institute recently looked at “the role immigrants play in local housing markets”, focusing on five metropolitan areas including the San Francisco metro. How will immigration affect real estate in these areas and influence the type of “housing products” they build? The answers may challenge the orthodoxy on how to solve Silicon Valley’s housing crisis.
The Bay Area has four of the twenty hottest real estate markets nationally, according to realtor.com. Another top-twenty metro is just south of us, and three others are also located in the Northern California region. Or, as some are starting to call it, the Northern California Megaregion.
The popular stereotype of millennials–spendy and impractical–is just that–a stereotype–according to a recent survey of millennial first-time homeowners.
“Northern California had a strong start to the Spring home buying season notwithstanding low inventory. The housing market continues to experience an abundance of buyers, and in most cases, multiple offers on reasonably priced listings. New listings continue to come on the market, but not at a rate that meets buyer demand.”
As part of the on-going boomer conspiracy to dodge responsibility for everything wrong with the world, The Wall Street Journal contends that the country’s housing shortage is due, at least in part, to “the rush of young people to U.S. cities over the past few years”. “As young people and builders have shifted their focus toward trendier urban markets,” the Journal reports, “overall housing construction has declined”.
The California Association of REALTORS makes a compelling case that boomers still matter.